The real estate sector may be experiencing a slump at present, but that has not stopped the Mumbai Metropolitan Region Development Authority (MMRDA) from offering two huge plots for long lease. The two plots are sited within the Wadala truck terminus opposite the IMAX multiplex.

The agency, undertaking multiple infrastructure projects in Mumbai, hopes to draw top notch developers and companies for the bid as the plots are well-connected by rail and road.

The MMRDA on Tuesday called bids for the two plots, meant for commercial complex and a movie multiplex respectively, for a lease of eighty years.

While the plot for the commercial complex has a permissible construction area of 24,000 square meters, the one for a cinema complex has a built up area of 13,500 square metres, said officials. The MMRDA has fixed a reserve price of Rs 240 crore for the commercial plot and Rs 135 crore for the movie theater complex. The successful bidder would have a free hand to design, finance, built and operate the commercial and movie multiplex plots, said officials.

“Nobody else has such big plots in the Wadala area. The MMRDA plots would set a benchmark in real estate rates in this central area of Mumbai,” said an official from MMRDA’s town planning department. “MMRDA strongly favours offering the commercial plot to financial institutions such as banks, insurance companies, housing finance agencies, merchant banks, asset management companies or mutual fund groups. We would prefer renowned FIs to bid for the plot. Corporate developers catering to financial institutions or IT/telecom companies would also be a good option,” said officials.

Asked if the time is right to put the plots under sale, MMRDA officials said the brisk pace of infrastructure development along the Wadala Truck terminus would definitely attract big names in real estate and FIs. “The recently sanctioned monorail line between Jacob Circle and Chembur would have a station at the Wadala terminus. Moreover, MMRDA would soon invite bids from developers to construct the Inter-state Bus terminus nearby,” said the official.

The plots, argue officials, is well connected even with the existing rail and road network. “It’s just five minutes from the Guru Tegh Bahadur (GTB) station on the harbour line. There is a flyover connecting the plot to the Eastern Express highway also,” pointed officials.

He was quick to add that the area already has a strong presence of residential homes. “People staying in Sion-Koliwada, Everard nagar, Bhakti Park are a stone’s throw from this plot. Anyway, moviegoers all over Mumbai know of this area because of their visit to IMAX Adlabs,” add officials.